Consolidation In IT Services Land: NTT DATA Buys Intelligroup For $200 Million

Japanese IT services juggernaut NTT DATA is acquiring US-based Intelligroup for approximately $199 million in cash , followed by a second-step merger to acquire all remaining shares at the same price paid in the tender offer. NTT DATA, through subsidiary Mobius Subsidiary Corporation, will make an offer to purchase all outstanding shares of Intelligroup common stock for $4.65 per share, a 21.1% premium to its average closing stock price over the last three-month period and a 27.7% premium over the closing price of the company's common stock before the weekend.